The record profits achieved by Exxon Mobil in 2022 angered the US government after the company recorded a historic figure of $56 billion.
According to Arabiya.net, the White House expressed its anger over the record net profit achieved by Exxon Mobil, which is a historic record not only for the company, but for the entire western oil sector.
The White House said in a statement that Exxon Mobil's profit margin is outrageous at a time when Americans are paying record high prices for fuel.
The statement criticized attempts by Republicans in the House of Representatives to move forward with policies aimed at supporting the oil sector.
And the White House added: The latest earnings reports show that oil companies have everything they need, including record profits and thousands of unused approvals to increase production, but they choose instead to use those profits to fill the pockets of their officials and shareholders, while Republicans petition the House of Representatives. Excuse after excuse to protect her from any accountability.
Exxon Mobil's Chief Financial Officer, Kathryn Michaels, responded to the growing criticism of the sector's huge profits, saying that the solution does not lie in raising taxes.
We look at EU taxes on the energy sector. It's bad policy. It's illegal to try to tax something when what you really need to do is increase that thing. It's counterproductive to what you're trying to achieve, she added.
It is expected that the major oil companies will break their annual records thanks to the high prices and the increasing demand, which will raise their combined profits to close to 200 billion dollars.
This high level has attracted renewed criticism of the oil sector and prompted calls for more countries to impose more taxes on corporate profits.